• Bank Negara Malaysia’s (BNM) international reserves stood at US$102.8 billion as at May 15, 2019 from US$103.4 billion at April 30, 2019 • Tekun Nasional has channelled business financing worth RM140 million since the beginning of this year until April 30, 2019 • Malaysia's labour productivity grows 2.4 per cent in Q1 2019 • Malaysia's CPI rose 0.2 per cent in April 2019 to 121.1 compared to 120.9 in the same month of the preceding year: Department of Statistics Malaysia

15 SMEs ready for IPOs this year
Thursday, May 2nd, 2019
at , Markets | News

by SHAHEERA AZNAM SHAH / pic by BERNAMA

The Ministry of Entrepreneur Development (MED) is facilitating 15 small and medium enterprises (SMEs) who have signalled their intention to raise fund from listing on Bursa Malaysia Bhd this year.

MED Minister Datuk Seri Mohd Redzuan Md Yusof (picture) said the companies — mainly in the technology, and food and beverage sectors — are now being coached to meet Bursa Malaysia’s listing requirements.

“According to our database, there are 15 companies which are ready to be listed, but have yet to be finalised.

“The ministry is assisting them to enhance their capital through listing in the LEAP (Leading Entrepreneur Accelerator Platform) and ACE markets,” he told a media briefing in Kuala Lumpur on Tuesday.

Mohd Redzuan said enhancing SMEs’ business activities and its contribution to the country’s productivity has been one of MED’s primary focuses since the ministry was re-incorporated in July last year.

“We do not carry much legacy. We are focusing on intensifying the SME agendas through the new National Entrepreneurship Framework, which was launched last year, before introducing the National Entrepreneurship Policy in July,” he said.

Meanwhile, Mohd Redzuan said Malaysia has received consensus from nine of the Organisation of Islamic Cooperation (OIC) member states to lead the unification process of halal certification.

“The OIC countries have proposed Malaysia to spearhead the unification of halal certification, and the aim is for all Islamic countries to adopt the same certification, so that we are borderless in halal lifestyle.

“These countries already started to form a committee to pursue the implementation. It is definitely a recognition for us to streamline halal certification,” he said.

With the recognition, Mohd Redzuan said a foreign-led halal gelatine manufacturing facility is expected to set up plant in Malaysia this year and that would promote investments in upstream manufacturing.

“We have been in a tripartite consensus which will see Malaysia processing imported poultry products and reexport them to other markets.

“Through that, we are expecting to be benefitted through the byproducts of the poultry process, which is going to be used for gelatine processing. That will turn into investment as we are expecting a large-scale gelatine factory to be opened in Malaysia this year,” he said.

Several foreign firms have expressed interest last year to establish halal gelatine manufacturing plant in the country, which could help plug the shortage of halal gelatine in the local pharmaceutical sector.

On the development of the third national car project, Mohd Redzuan said the government is now in middle of shortlisting a company from “the East” to spearhead the manufacturing of the vehicle.

“We are in a hurry to develop the national car, to get the private sector to notice the initiative and to get the investors to come on board.

“We are looking at shortlisting the technology partners on the use of specific platform…it will likely be the companies from the East,” he said.

On the project’s vendor development programme (VDP), Mohd Redzuan said the ministry has received overwhelming submissions from firms with basic capabilities that can be expanded according to the requirement of the new vehicle.

As of Tuesday, there were 149 companies who have submitted bids to participate in the third national car project’s VDP, according to the MED’s official website.